NLC: Sanusi isn’t convincing on N5,000 note

The Nigeria Labour Congress (NLC) yesterday described the Central Bank of Nigeria (CBN)’s plan to introduce N5000 note as a euphemism to formalise devaluation of the currency.

The union called for the democratisation of the appointment of the Central Bank governor.

The union’s Vice President, Comrade Issa Aremu, spoke in Ilorin, the Kwara State capital. He said Sanusi does not know you can’t win the argument without winning the heart of the people. He is winning the argument without convincing the people. He must learn to manage reform, but short therapy approach to reform is unhelpful.

His words: “CBN has a right and autonomy to manage the country’s monetary policy, but there is a disconnect between the exercise of the autonomy and the broad wishes of the Nigerian people.

“The introduction of N5000 note is the least resistant monetary policy, it is not bold. All the policy is doing is to legitimise and formalise the devaluation of Naira. When actually the bold policy of the CBN is to make sure that the value of the Naira is strengthened rather allow free fall of Naira. Naira has devalued more under Lamido Sanusi.